enil financial data

8/12/2019 Enil Financial Data

1/12

Standalone Profit & Loss accoun--- in Rs. Cr. -------------------

Mar '11 Mar '12 Mar '13

12 mths 12 mths 12 mths

Income

Sales Turnover 275.6 301.43 338.39Excise Duty 0 0 0

Net Sales 275.6 301.43 338.39

Other Income 19.11 11.5 16.97

Stock Adjustments 0 0 0

Total Income 294.71 312.93 355.36

Expenditure

Raw Materials 0 0 0

Power & Fuel Cost 0 0 0

Employee Cost 56.44 62.86 73.56

Other Manufacturing Expenses 18.11 16.74 17.92

Selling and Admin Expenses 97.54 15.2 0

Miscellaneous Expenses 16.86 105.91 142.7

Preoperative Exp Capitalised 0 0 0

Total Expenses 188.95 200.71 234.18

Mar '11 Mar '12 Mar '13

12 mths 12 mths 12 mths

Operating Profit 86.65 100.72 104.21

PBDIT 105.76 112.22 121.18

Interest 1.12 0 0.02PBDT 104.64 112.22 121.16

Depreciation 33.6 32.46 31.72

Other Written Off 0 0 0

Profit Before Tax 71.04 79.76 89.44

Extra-ordinary items 2.63 0 1.25

PBT (Post Extra-ord Items) 73.67 79.76 90.69

Tax 21.45 23.24 23.02

Reported Net Profit 52.21 56.51 67.67

Total Value Addition 188.95 200.72 234.18

Preference Dividend 0 0 0

Equity Dividend 0 0 4.77

Corporate Dividend Tax 0 0 0.81

Per share data (annualised)

Shares in issue (lakhs) 476.7 476.7 476.7

Earning Per Share (Rs) 10.95 11.85 14.2

Equity Dividend (%) 0 0 10

Book Value (Rs) 80.49 92.34 105.37


2/12

FY11 FY12 FY13 FY14 FY15

REVENUE 294.71 312.93 355.36

QoQ

YoY 6.2% 13.6%

COGS 74.55 79.6 91.48

QoQ

YoY 6.8% 14.9%GROSS PROFIT 220.16 233.33 263.88

QoQ

YoY 6.0% 13.1%

Gross Profit margin 75% 75% 74%

SG&A 114.4 121.11 142.7

QoQ

YoY 5.9% 17.8%

SG&A margin 39% 39% 40%

EBITDA 105.76 112.22 121.18

QoQ

YoY 6.1% 8.0%

EBITDA margin 36% 36% 34%

DEPRECIATION 33.6 32.46 31.72

QoQ

YoY -3.4% -2.3%

EBIT 72.16 79.76 89.46

QoQ

YoY 10.5% 12.2%

INTEREST INCOME 2.63 0 1.25

QoQ

YoY -100.0%INTEREST EXPENSE 1.12 0 0.02

QoQ

YoY -100.0%

PBT 73.67 79.76 90.69

QoQ

YoY 8.3% 13.7%

TAX 21.45 23.24 23.02

QoQ

YoY 8.3% -0.9%

PAT 52.22 56.52 67.67

QoQ

YoY 8.2% 19.7%

EPS 10.95 11.85 14.2

DIVIDEND PAYOUT (%)

DIVIDEND (Rs.)

DPS

FACE VALUE 10 10 10 10 10

DIVIDEND (%)


3/12

CMP 219.85 243.8 327.6

DIVIDEND YIELD

RETAIN EARNINGS

No of shares 476 476 476 476 476

As a % of revenueCOGS 25% 25% 26%

SG&A 39% 39% 40%

Depreciation 11% 10% 9%

Interest expense

Interest income

Tax 7% 7% 6%

Cash balance

Debt 0


4/12

FY09 FY10 FY11 FY12 FY13

Sources Of Funds

Total Share Capital 47.67 47.67 47.67 47.67 47.67

Equity Share Capital 47.67 47.67 47.67 47.67 47.67Share Application Money 0 0 0 0 0

Preference Share Capital 0 0 0 0 0

Reserves 265.95 283.82 336.03 392.54 454.63

Revaluation Reserves 0 0 0 0 0

Networth 313.62 331.49 383.7 440.21 502.3

Secured Loans 20 10 0 0 0

Unsecured Loans 90.07 23.43 0 0 0

Total Debt 110.07 33.43 0 0 0

Total Liabilities 423.69 364.92 383.7 440.21 502.3

Mar '09 Mar '10 Mar '11 Mar '12 Mar '13

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds

Gross Block 366.45 365.95 367.55 240.19 218.74

Less: Accum. Depreciation 117.57 154.16 187.53 90.45 98.39

Net Block 248.88 211.79 180.02 149.74 120.35

Capital Work in Progress 2.05 1.11 1.15 0.09 0

Investments 39.03 40.03 93.1 185.03 317.83

Inventories 0 0 0 0 0

Sundry Debtors 58.57 68.2 103.8 92.24 99.41Cash and Bank Balance 4.2 6.5 5.61 51.48 12.24

Total Current Assets 62.77 74.7 109.41 143.72 111.65

Loans and Advances 114.38 94.16 67.04 36.42 33.21

Fixed Deposits 7.45 17.75 17.63 0 6.57

Total CA, Loans & Advances 184.6 186.61 194.08 180.14 151.43

Deffered Credit 0 0 0 0 0

Current Liabilities 47.94 71.77 81.35 62 58.89

Provisions 2.92 2.84 3.3 12.77 28.4

Total CL & Provisions 50.86 74.61 84.65 74.77 87.29

Net Current Assets 133.74 112 109.43 105.37 64.14

Miscellaneous Expenses 0 0 0 0 0

Total Assets 423.7 364.93 383.7 440.23 502.32

Contingent Liabilities 0.01 1.11 0.09 0.15 0.08

Book Value (Rs) 65.79 69.54 80.49 92.34 105.37


5/12


6/12

Entertainment Network India Previ

Cash Flow ------------------

Mar '09 Mar '10 Mar '11 Mar '12

12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax 1.96 18.27 73.66 79.75Net Cash From Operating Activities 109.92 94.89 51.62 112.91

Net Cash (used in)/from -17.55 1.57 -18.08 -84.19

Investing Activities

Net Cash (used in)/from Financing Activities -92.81 -83.86 -34.55 0

Net (decrease)/increase In Cash and Cash Equivalents -0.44 12.6 -1.01 28.72

Opening Cash & Cash Equivalents 12.09 11.65 24.25 15.61

Closing Cash & Cash Equivalents 11.65 24.25 23.24 44.33


7/12

us Years

- in Rs. Cr. -------------------

Mar '13

12 mths

89.4486.16

-118.24

-0.02

-32.09

44.33

12.24


8/12

Entertainment Network India Previous Years

------------------- in Rs. Cr. -

Mar '09 Mar '10 Mar '11 Mar '12 Mar '13

Investment Valuation Ratios

Face Value 10 10 10 10 10

Dividend Per Share -- -- -- -- --

Operating Profit Per Share (Rs) -1.78 9.39 19.78 20.88 21.91

Net Operating Profit Per Share (Rs) 89.41 88.53 95.27 65.18 71.23

Free Reserves Per Share (Rs) 69.77 66.56 70.2 -- --

Bonus in Equity Capital -- -- -- -- --

Profitability Ratios

Operating Profit Margin(%) -1.99 10.6 20.76 32.04 30.75

Profit Before Interest And Tax Margin(%) -14.21 -1.84 11.29 20.76 20.36

Gross Profit Margin(%) -14.32 -1.85 11.45 21.56 21.4Cash Profit Margin(%) -5.17 7.32 16.04 27.38 27.67

Adjusted Cash Margin(%) -5.17 7.32 16.04 27.38 27.67

Net Profit Margin(%) -14.03 -3.61 3.72 17.38 19.13

Adjusted Net Profit Margin(%) -14.03 -3.61 3.72 17.38 19.13

Return On Capital Employed(%) -10.89 -1.37 15.27 18.03 17.94

Return On Net Worth(%) -15.84 -4.19 4.49 12.79 13.6

Adjusted Return on Net Worth(%) -19.65 -5.89 8.27 12.73 13.35

Return on Assets Excluding Revaluations 79.82 76.6 80.2 91.97 105.35

Return on Assets Including Revaluations 79.82 76.6 80.2 91.97 105.35

Return on Long Term Funds(%) -13.07 -1.37 15.27 18.03 17.94

Liquidity And Solvency Ratios

Current Ratio 1.32 2.21 2.14 2.27 1.78

Quick Ratio 2.67 2 2.03 2.27 1.78

Debt Equity Ratio 0.39 0.16 -- -- --

Long Term Debt Equity Ratio 0.16 0.16 -- -- --

Debt Coverage Ratios

Interest Cover -3.44 -0.43 16.48 54,775.14 5,365.23

Total Debt to Owners Fund 0.39 0.16 -- -- --

Financial Charges Coverage Ratio -0.29 3.48 28.4 77,313.91 7,254.40

Financial Charges Coverage Ratio Post Tax 0.56 3.78 17.77 61,400.64 5,958.03

Management Efficiency Ratios

Inventory Turnover Ratio -- -- -- -- --

Debtors Turnover Ratio 3.18 3.07 3.58 3.01 3.53

Investments Turnover Ratio -- -- -- -- --

Fixed Assets Turnover Ratio 1.93 1.82 3.02 2.08 2.29

Total Assets Turnover Ratio 1.29 1.76 2.46 0.89 0.79

Asset Turnover Ratio 1.93 1.82 1.11 0.76 0.72


9/12

Average Raw Material Holding -- -- -- -- --

Average Finished Goods Held -- -- -- -- --

Number of Days In Working Capital 194.44 138.74 90.01 121.61 71.01

Profit & Loss Account Ratios

Material Cost Composition -- -- -- -- --

Imported Composition of Raw Materials Consumed -- -- -- -- --

Selling Distribution Cost Composition 5.28 4.65 5.97 -- --

Expenses as Composition of Total Sales -- -- -- -- --

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit -- -- -- -- 8.16

Dividend Payout Ratio Cash Profit -- -- -- -- 5.57

Earning Retention Ratio -- -- 100 100 91.69

Cash Earning Retention Ratio -- 100 100 100 94.36

AdjustedCash Flow Times -- 1.85 -- -- --

Source : Dion Global Solutions Limited


10/12

------------------


11/12

FY 11 FY 12 FY 13 FY 14E FY 15E

ASSETS -127.36 -21.45

Gross Block 367.55 240.19 218.74

Accumulated Depreciation 187.53 90.45 98.39

NET BLOCK 180.02 149.74 120.35

CWIP 1.15 0.09 0

Net Fixed Assets 181.17 149.83 120.3591.93 132.8

Investments 93.1 185.03 317.83

CURRENT ASSETS

Inventory 0 0 0

no. of days of cogs 0 0 0

sundry debtors 103.8 92.24 99.41

no of days of net sale 129 108 102

cash and bank balance 5.61 51.48 12.24

loan and advances 67.04 36.42 33.21

no of days of net sale 83 42 34

TOTAL ASSETS

LIABILITIES AND SHAREHOLDERS EQUITY

Current Liabilities

Sundry Creditors

No.of days of COGS

Other Liabilities & Trade Security Deposits

No. of days of COGS

Provisions 3.3 12.77 28.4

Total provisions as a % of Net Sales 1.1% 4.1% 8.0%

Total Current Liabilities

Net Current Assets

Working Capital ex cash

Shareholders equity

equity share capital 4760 4760 4760

share premium

general reserve

profit and loss account balance

total

Networth

Secured Loans 0 0 0

Unsecured Loans 0 0 0

Total Debt 0 0 0

Total Equity & Liabilities


12/12

DCF Valuation

particulars FY11 FY12 FY13 FY14E FY15E

cash flow from operations

profit after tax 52.22 56.52 67.67

(+) Depreciation 33.6 32.46 31.72

(+) Intrest expense 1.12 0 0.02

(-)Intrest Income 2.63 0 1.25(-)net change in w cap

CFFO 82.07

(-) Capital expenditure 0 -127.36 -21.45

FCF

terminal cash flow

final cashflow

enterprise value

debt

cash

market cap

fair value

CMP

Upside/(Downside)

rating

WACC Calculation

Rf

Beta

Rm-Rf

cost of equitycost of debt

cost of debt after tax

weightage of equity

weightage of debt

WACC

enil financial data

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